Economic Recovery Fund

About the Fund

The Economic Recovery Fund (ERF) is a unique, innovative grant fund that aims to support local economic recovery in local high streets by empowering local groups of businesses to implement changes themselves.

ERF's objectives

• To help build the foundations for economic renewal across Sheffield by investing in communities and high streets, helping to build resilience to the cost-of-living crisis and future economic challenges.
• To make high streets and local centres feel safe and welcoming, so that residents want to spend time and shop there.
• To encourage businesses and groups to work together on ideas to improve their high streets, and bring new energy to those that already are.
• To support high street businesses to work with their communities and leave a lasting legacy of community infrastructure that can continue to thrive once projects are complete.

The Economic Recovery Fund is designed to be flexible, allowing applicants to develop solutions tailored to their local needs. By empowering communities to lead, the program has helped businesses take on new roles, build stronger connections, and implement changes that have been well-received by their neighbourhoods.

The first round of the Economic Recovery Fund (ERF) was launched in March 2021, offering grants for both small (£50k) and large (£50k-£200k) projects. With a total budget of £2.3 million, 26 projects across Sheffield were supported. The impact of the fund has been overwhelmingly positive, as highlighted in a full evaluation:

• Delivered a net social return of £2.24 for every £1 invested
• 56 projects completed across the city to date
• Strengthened communities and fostered new partnerships
• Established eight new business forums
• Received positive feedback from businesses and local communities
• Visibly improved district centres
• Empowered both community and business groups
• Successfully managed budgets
• Garnered strong stakeholder support
• Attracted positive media coverage

Based on these results and the evaluation’s recommendations, the Council allocated an additional £2 million for a second round of funding. Currently, 23 new projects are being delivered across the city.

For a full list of funded projects and summaries of their achievements, see here.

You can also read the evaluation of the first round of ERF funding here. A report on the second round will be available by April 2025.